Our estate planning attorneys in Orange County have worked with hundreds of retirees who are searching for ways to save money and lower their cost of living. We often talk to folks who are planning for their long term care, and are shocked at how expensive it can be.
For that reason, we were elated to read the story of 64-year-old Terry Robison, who chose an innovative alternative to a personal care home or nursing facility when he chose to make Holiday Inn his primary residence.
In Robison’s social media posts, he compared the daily cost of residing at a Holiday Inn with the per-day cost of a retirement home, and Holiday Inn won! Robinson stated that with his senior discount, living at the popular hotel chain cost less than $60 per day, while the average senior home he looked into cost over three times that much, at $180 per day. Robinson stated that the annual cost to live at a Holiday Inn was approximately $21,900 with his senior discount.
One of the retirement homes he was looking into came with a price tag of $68,620 for the year. According to Forbes,the latter amount is typical for the price of a retirement home, with some facilities charging as much as $100,000 annually. Robinson also noted the long wait most seniors experience before being admitted to a good retirement home, as opposed to the time it takes to make a simple reservation.
Robison said that he enjoyed being treated as a customer, rather than a patient, and made a point to mention amenities, including a lounge, workout room, swimming pool and spa. He also indicated that he enjoyed the option of staying anywhere in the country, as virtually all states have Holiday Inn hotels with a certain number of amenities and services.
In 2018, Dan Brewer wrote that he was not surprised that Terry Robison chose a Holiday Inn for his retirement, as some senior homes cost as much as $6000 per month. Brewer works for a business that invests in private-pay facilities for retirees. It remains to be seen if this interesting alternative to traditional senior facilities will become a trend in the future.